External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Maintain BUY. Minth’s revenue and GPM in aluminium business unit missed our expectation in 2H25, as sales volume with a key client fell short and some business transition was delayed following WKW’s bankruptcy.</li><li>Its 2H25 net profit was largely in line, thanks to its opex control.</li><li>Management’s aggressive 5-year revenue target gives us more confidence in Minth’s order backlog quality. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Minth’s revenue and GPM in aluminium business unit missed our expectation in 2H25, as sales volume with a key client fell short and some business transition was delayed following WKW’s bankruptcy.Its 2H25 net profit was largely in line, thanks to its opex control.Management’s aggressive 5-year revenue target gives us more confidence in Minth’s order backlog quality. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minth Group (425 HK) - Solid Outlook in Both Auto and New Businesses

<ul><li>Maintain BUY. We expect solid 2H25E earnings for Minth, with FY25E net profit to rise 17% YoY.</li><li>We also expect its net profit to rise even faster in FY26-27E, aided by continued growth in battery housing and new business contribution including parts for humanoid robots and AI server liquid cooling system.</li><li>We expect solid 2H25E earnings. We revise up our Minth’s 2H25E revenue forecast by 1% to RMB13.7bn (+13% YoY) due to potentially higher revenue from its aluminium and battery housing businesses amid raw material price hikes. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. We expect solid 2H25E earnings for Minth, with FY25E net profit to rise 17% YoY.We also expect its net profit to rise even faster in FY26-27E, aided by continued growth in battery housing and new business contribution including parts for humanoid robots and AI server liquid cooling system.We expect solid 2H25E earnings. We revise up our Minth’s 2H25E revenue forecast by 1% to RMB13.7bn (+13% YoY) due to potentially higher revenue from its aluminium and battery housing businesses amid raw material price hikes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minth Group (425 HK) - Solid Growth Outlook from Battery Housing, Robotics and AIDC

Thematic (Sector/Industry)

<ul><li>We maintain our China PV sales volume growth forecasts for 2026 on both retail and wholesale basis after weaker-than-expected Nov and Dec sales.</li><li>We revise down our 2026 NEV sales volume slightly, as the new trade-in subsidies have stringent requirements.</li><li>We are of the view that weaker-than-expected 4Q25 sales volume may result in earnings miss for some automakers. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our China PV sales volume growth forecasts for 2026 on both retail and wholesale basis after weaker-than-expected Nov and Dec sales.We revise down our 2026 NEV sales volume slightly, as the new trade-in subsidies have stringent requirements.We are of the view that weaker-than-expected 4Q25 sales volume may result in earnings miss for some automakers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Weak 4Q25 sales may lead to earning miss

<ul><li>Both passenger vehicle (PV) retail sales and wholesale volumes in China are likely to hit new highs in 2025E.</li><li>That, along with trade-in subsidy and purchase-tax saving phase-out, could make 2026 interesting and complex.</li><li>Resilient industry growth despite subsidy cuts. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Both passenger vehicle (PV) retail sales and wholesale volumes in China are likely to hit new highs in 2025E.That, along with trade-in subsidy and purchase-tax saving phase-out, could make 2026 interesting and complex.Resilient industry growth despite subsidy cuts. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - 2026 Outlook: Second half of the NEV match

<ul><li>We summarize the Jul 2025 price discounts at dealers for major automakers in this report.</li><li>Note that Jul discounts for each automaker are calculated based on the weighted average of Jun 2025 retail sales volume for each model, as Jul 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts narrowed 0.3ppts MoM to 15.1% in Jul 2025, based on our calculations, mainly driven by German luxury brands (BMW, Mercedes-Benz and Audi), as dealers need to raise car prices to offset lower commissions from the auto finance business after banks cut rebates to dealers. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We summarize the Jul 2025 price discounts at dealers for major automakers in this report.Note that Jul discounts for each automaker are calculated based on the weighted average of Jun 2025 retail sales volume for each model, as Jul 2025 retail sales volume data have not been released yet.The industrywide average discounts narrowed 0.3ppts MoM to 15.1% in Jul 2025, based on our calculations, mainly driven by German luxury brands (BMW, Mercedes-Benz and Audi), as dealers need to raise car prices to offset lower commissions from the auto finance business after banks cut rebates to dealers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Jul discounts narrowed amid new models, auto finance policy changes

Taiwan

Minth Group is a global automotive parts manufacturer specializing in the design, development, and production of exterior and structural components for passenger cars, including aluminum battery cases, trims, and body structural parts. The company also develops components for intelligent exteriors and electric vehicle motor systems. Headquartered in Taipei City, Taiwan, Minth Group was founded in 1992.

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Minth Group (425 HK)